Penny Savings Bank Groundbreaking Ceremony

Boston - The former Penny Savings Bank building will officially begin its transformation into luxury residences and retail space at a Groundbreaking Ceremony on Thursday, April 27th at 1375 Washington Street, Boston.  Mayor Thomas Menino, John Fish of Suffolk Construction and developer Sean McGrath of Stonegate Group will be at hand to celebrate the launch of construction for the long-awaited redevelopment project.

Located at the corner of Union Park and Washington Streets, the Penny Savings Bank is a stately, marble and granite building, designed in the Renaissance Revival style.  First constructed between 1911 and 1917, the building originally housed the Boston Penny Savings Bank.  In 1959, the Roman Catholic Archdiocese of Boston purchased the building, renaming it the Cardinal Cushing Center for the Spanish Speaking.  Prior to the current redevelopment project, it was used as a thrift store.

Over time, the facade of the building has lost some of its former luster and elegance.  The developer, Stonegate Group, is excited about returning the structure to prominence in Boston's South End.  The new design will be a hybrid of old and new.  Three additional, sleek floors of glass will be erected, set back from the facade and marquis of the existing building. Entrance canopies, modeled after the originals from the early 20th Century will be recreated.

The development will consist of 23 individual luxury residences, ranging from 966 square feet to 1,835 square feet. There will also be 9,000 square feet of retail space on the ground floor and underground parking for more than 25 cars.  

"This project is just another great example of buildings throughout our city that are underutilized and can make way for the much needed housing we need in our neighborhoods," said Mayor Thomas M. Menino.  "Specifically, this project includes the restoration of a beloved building on Washington Street, which will be returned to its former glory and become active with retail and residential uses."

Stonegate group has engaged Suffolk Construction for the project, a renowned general contractor in the New England area known for its breadth of expertise and prominent projects, including many historical structures.  Stonegate Group is also working with the architectural firm Finegold Alexander + Associates on the project, a group with extensive expertise in the South End and the revitalization of historic buildings. 

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